Coinbase | 8-K: FY2025 Q4 Revenue: USD 1.781 B

Revenue: As of FY2025 Q4, the actual value is USD 1.781 B.

EPS: As of FY2025 Q4, the actual value is USD -2.49, missing the estimate of USD 0.6235.

EBIT: As of FY2025 Q4, the actual value is USD 225.26 M.

Coinbase Global, Inc. reported a strong year operationally and financially in 2025, meeting or exceeding revenue and expense guidance each quarter, and extending its multi-year track record of profitability.

Financial Performance Highlights (Full Year 2025)

Total Revenue: Coinbase Global, Inc.’s total revenue grew 9% year-over-year to $7.2 billion.
Net Revenue: Net revenue for the full year 2025 was $6,883.4 million, up from $6,293.2 million in 2024.
Net Income: Net income for the full year 2025 was $1,260.3 million, down from $2,579.1 million in 2024.
Adjusted EBITDA: Adjusted EBITDA for the full year 2025 was $2,808.5 million, compared to $3,347.5 million in 2024.
Operating Expenses: Total operating expenses for the full year 2025 were $5,745.9 million, an increase of 35% year-over-year from $4,256.9 million in 2024.
Cash and Cash Equivalents: Coinbase Global, Inc. ended 2025 with $11.3 billion in cash and cash equivalents.

Financial Performance Highlights (Fourth Quarter 2025)

Total Revenue: Total revenue was $1.8 billion, a 5% decrease quarter-over-quarter.
Transaction Revenue: Transaction revenue was $982.7 million, down 6% quarter-over-quarter. Consumer transaction revenue was $733.9 million, down 13% quarter-over-quarter. Institutional transaction revenue was $185.0 million, up 37% quarter-over-quarter. Other transaction revenue was $63.8 million, down 6% quarter-over-quarter.
Subscription and Services Revenue: Subscription and services revenue was $727.4 million, a modest 3% decrease quarter-over-quarter. Stablecoin revenue was $364.1 million, up 3% quarter-over-quarter. Blockchain rewards revenue was $151.6 million, down 18% quarter-over-quarter. Interest and finance fee income was $59.9 million, down 8% quarter-over-quarter. Other subscription and services revenue was $151.7 million, up 6% quarter-over-quarter.
Total Operating Expenses: Total operating expenses were $1.5 billion, up 9% quarter-over-quarter.
Net Loss: Net loss was $667 million, primarily driven by a $718 million loss on its crypto asset investment portfolio and a $395 million loss on strategic investments.
Adjusted Net Income: Adjusted Net Income was $178 million.
Adjusted EBITDA: Adjusted EBITDA was $566 million.
Stock-based Compensation: Stock-based compensation was $230 million, up 4% quarter-over-quarter.

Operational Metrics

Coinbase Total Trading Volume: Grew 156% to $5.2 trillion in 2025.
Coinbase Crypto Trading Volume Market Share: Doubled in 2025.
Assets on Platform: Increased 3x over the last 3 years. Average USDC Held in Coinbase Products increased 18% quarter-over-quarter to $17.8 billion in Q4 2025.
Paid Coinbase One Subscribers: Reached a new all-time high of nearly 1 million.
Products Generating Annualized Revenue: Coinbase Global, Inc. now has 12 products generating more than $100 million in revenue on an annualized basis, with half generating over $250 million and two over $1 billion.
Full-time Employees: Increased 3% quarter-over-quarter to 4,951.
Share Repurchase Program: Coinbase Global, Inc. repurchased approximately 3.3 million shares of Class A common stock for $850 million in Q4 2025, and an additional 4.9 million shares for $895 million through February 10, 2026, totaling over $1.7 billion. In January 2026, the board approved an additional $2.0 billion repurchase authorization for Class A common stock and long-term debt.
Crypto Assets Held: As of December 31, 2025, the fair market value of crypto assets held for investment was $2.0 billion, and crypto assets held as collateral were $823 million.

Outlook for Q1 2026

For Q1 2026, Coinbase Global, Inc. expects subscription and services revenue to be between $550 million and $630 million. Transaction expenses are projected to be in the low-to-mid teens as a percentage of net revenue. Technology & development and general & administrative expenses are anticipated to be between $925 million and $975 million, while sales and marketing expenses are expected to range from $215 million to $315 million.